Trump's Campaign Promises Have Gone from Bold to Bizarre, Economists Say
In a stunning display of campaign desperation, Donald Trump has unleashed a barrage of economic proposals that have left experts scratching their heads. The former president's promise to make groceries cheaper is now facing scrutiny after food prices rose faster under his administration than during Joe Biden's last year in office.
Trump's economic strategy has always been built on a foundation of tariffs, and he promised to "bring back our jobs" by putting up a wall around the American market. However, with inflation running high, tariffs have become a major obstacle to curbing prices. US Federal Reserve Chair Jerome Powell has even noted that tariffs are getting in the way of tackling inflation.
Trump's proposals on energy costs, auto industry revival, and housing costs are also falling short of expectations. Energy prices have risen by 7.3% under his administration, more than twice as much as during Biden's last year in office. His promise to revitalize the auto industry is also nowhere to be seen, despite numerous attempts to boost domestic production.
The president's economic policies are starting to take a toll on voters. A recent Wall Street Journal Poll found that 49% of Americans believe the economy is worse off than it was a year ago, while 54% disapprove of how Trump has handled the economy. CNN found that 61% disagreed with his economic policies.
In an effort to stem the tide, Trump is resorting to feel-good policy proposals that may not make economic sense but are designed to resonate with voters. His recent proposal to cap credit card interest rates, for example, could have unintended consequences, such as banks cutting off poorer borrowers.
Trump's housing costs plan is also a clear case of "be careful what you wish for." Extending mortgages to 50 years would raise the cost of housing over the life of the loan. Allowing home buyers to use retirement accounts to finance down payments would push housing prices up by adding new demand without increasing supply.
In reality, some of Trump's proposals are detached from economic reality altogether. Launching a criminal investigation into Federal Reserve Chair Jerome Powell is not only unwise but also potentially illegal. Leveraging Venezuelan oil to cut oil prices below $50 a barrel is also a non-starter.
Trump's economic proposals show little coherence and stray far outside the Republican Overton window, which commits to free markets. His latest proposal to cap credit card interest rates may sound great to indebted Americans, but it could have the opposite effect of limiting access to credit for those who need it most.
In an era where politicians are increasingly expected to acknowledge the grievances of voters and communities that lost out in globalization, Trump's desperate attempts to build a mirage of class solidarity are starting to lose traction. As researchers found, his tariff war did help Republican candidates even when it produced job losses.
Only time will tell if Americans welcome Trump's latest economic proposals or shrug off their concerns about the economy. One thing is clear: the president appears desperate for this to work, and his policies may ultimately be a case of "all talk and no action."
In a stunning display of campaign desperation, Donald Trump has unleashed a barrage of economic proposals that have left experts scratching their heads. The former president's promise to make groceries cheaper is now facing scrutiny after food prices rose faster under his administration than during Joe Biden's last year in office.
Trump's economic strategy has always been built on a foundation of tariffs, and he promised to "bring back our jobs" by putting up a wall around the American market. However, with inflation running high, tariffs have become a major obstacle to curbing prices. US Federal Reserve Chair Jerome Powell has even noted that tariffs are getting in the way of tackling inflation.
Trump's proposals on energy costs, auto industry revival, and housing costs are also falling short of expectations. Energy prices have risen by 7.3% under his administration, more than twice as much as during Biden's last year in office. His promise to revitalize the auto industry is also nowhere to be seen, despite numerous attempts to boost domestic production.
The president's economic policies are starting to take a toll on voters. A recent Wall Street Journal Poll found that 49% of Americans believe the economy is worse off than it was a year ago, while 54% disapprove of how Trump has handled the economy. CNN found that 61% disagreed with his economic policies.
In an effort to stem the tide, Trump is resorting to feel-good policy proposals that may not make economic sense but are designed to resonate with voters. His recent proposal to cap credit card interest rates, for example, could have unintended consequences, such as banks cutting off poorer borrowers.
Trump's housing costs plan is also a clear case of "be careful what you wish for." Extending mortgages to 50 years would raise the cost of housing over the life of the loan. Allowing home buyers to use retirement accounts to finance down payments would push housing prices up by adding new demand without increasing supply.
In reality, some of Trump's proposals are detached from economic reality altogether. Launching a criminal investigation into Federal Reserve Chair Jerome Powell is not only unwise but also potentially illegal. Leveraging Venezuelan oil to cut oil prices below $50 a barrel is also a non-starter.
Trump's economic proposals show little coherence and stray far outside the Republican Overton window, which commits to free markets. His latest proposal to cap credit card interest rates may sound great to indebted Americans, but it could have the opposite effect of limiting access to credit for those who need it most.
In an era where politicians are increasingly expected to acknowledge the grievances of voters and communities that lost out in globalization, Trump's desperate attempts to build a mirage of class solidarity are starting to lose traction. As researchers found, his tariff war did help Republican candidates even when it produced job losses.
Only time will tell if Americans welcome Trump's latest economic proposals or shrug off their concerns about the economy. One thing is clear: the president appears desperate for this to work, and his policies may ultimately be a case of "all talk and no action."
. I mean, can you imagine a 50-year mortgage? That's just insane! And what's up with the credit card interest rate cap? It sounds like something from a fairy tale where everyone gets free money 
. I'm starting to think that Trump's economic team is made up of people who have never actually had to manage their own finances 
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. The fact that he thinks his tariff plan is going to bring back jobs just because he put a wall around America? Come on! 
. And now he's resorting to feel-good proposals like capping credit card interest rates? It's like he's trying to buy off voters with empty promises 
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. He's got a whole team of experts telling him what to do, and yet he still manages to come up with proposals that are just plain weird 
. It's like he's trying to outdo himself in terms of how many absurd ideas he can come up with in one sitting 
. Maybe it's time for him to start listening to the experts and actually doing some real economic research instead of just winging it 
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I'm getting really tired of Trump's campaign promises... like, what's up with the whole wall around America? It's gonna cost us so much more than it'll save us in jobs 
it's like he's trying to make up for all the damage done during his first term by promising ridiculous stuff that won't even work 
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. Maybe focus on some real solutions rather than trying to build a magic economy 
. It's like they say – all talk and no action can only get you so far 
. his housing costs plan is like something out of a dream... extending mortgages to 50 years? that's just gonna make housing even more unaffordable 
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. and the fact that he's resorting to launching a criminal investigation into powell is just plain reckless 
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. And, honestly, who thought capping credit card interest rates was a good idea? It's like they're trying to give our parents a headache 
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! I mean, who thought capping credit card interest rates was a good idea? 
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. And what's with all these tariffs and walls? It's just gonna make things worse and hurt small businesses 
.